FOLLOWING IS THE LIST OF UPCOMING AUCTIONS:
                    PERCENT
                    OF CHARTER       STARTING
BNTERPRISE          CAPITAL       PRICE (USD)
----------          ----------    -----------
LUKOIL              5 PERCENT      35 MILLION

NAFTA MOSCOW        15 PERCENT     16 MILLION

SIDANKO             51 PERCENT    125 MILLION

NOVOLIPETSK METAL   15 PERCENT     30 MILLION

NORILSK NICKEL      38 PERCENT    170 MILLION

WEST SIBERIAN METAL 15 PERCENT    8.5 MILLION

MECHEL              15 PERCENT      5 MILLION

NOVOROSSIISK        35 PERCENT     27 MILLION
SHIPPING

MURMANSK SHIPPING   23.5 PERCENT    4 MILLION

NORTHWEST SHIPPING  25.5 PERCENT    6 MILLION

KIROVLESPROM        20 PERCENT      1 MILLION

BOR                 51 PERCENT      8 MILLION

TEKHSNABEXPORT      51 PERCENT     10 MILLION

OKB SUKHOY          51 PERCENT     12 MILLION

ULAN-UDE AVIATION   38 PERCENT     10 MILLION

ARSENYEV AVIATION   51 PERCENT     10 MILLION